🐕 What You Need to Know About Dogwifhat

In this edition, we explore Bitcoin ETFs, Avalanche outages, the memecoin surge and Coinbase’s newest innovations.

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into dogwifhat ($WIF).

What is it? Dogwifhat is a newly emerged memecoin on the Solana blockchain, which has recently become a strong competitor with BONK in terms of market capitalization. It represents the latest trend in the memecoin sector.

What does it do? Dogwifhat is purely a memecoin, meaning it does not possess an inherent function beyond community interest and cultural significance. Its value and appeal is derived from its status as a cultural token rather than technical utility.

What does it mean? Memecoins, such as dogwifhat, symbolize the tokenization of attention and culture within the digital asset space. They are speculative assets that thrive on community engagement and the cultural narratives they inspire. Memecoins like dogwifhat can attract attention, leading people to speculate on their value based on the collective attention they receive.

Why is it interesting? Dogwifhat is particularly intriguing due to its rapid ascent within the Solana ecosystem. Its ability to compete with established memecoins underscores the volatile and dynamic nature of the cryptocurrency market.

Who is its competitor? BONK and other memecoins.

Why do we own it? Uniswap is the largest decentralized exchange (DEX) and UNI is its token.

How to get involved? The ticker is $WIF.

Check out Shoal Research’s Substack and Telegram channel.

⏰ Crypto News Recap

📈Bitcoin ETFs are Booming 

After their approval in January, U.S. Bitcoin ETFs currently represent almost 4% of all Bitcoin. BlackRock, the clear leader in Bitcoin ETFs, has pulled in $10 billion in assets in seven weeks. According to Eric Balchunas, this makes them a member of the $10 Billion Club. There are only 152 ETFs to accomplish this, out of the total 3400.

🚫 Avalanche Outage 

The blockchain platform Avalanche suffered from an outage on Friday February 23rd. The 4-hour disruption stemmed from a network update. This follows a 5-hour Solana outage that occurred on February 6th. Solana’s outage represents the 11th time the network has gone down in two years. The outage was reportedly caused by an issue with the network’s upgrade mechanism. In contrast, Bitcoin has been functional for 99.99% of the time since January 3, 2009, according to Buy Bitcoin Worldwide's Bitcoin uptime Tracker, with zero outages in the last 10 years.

🎊 Return of the Memecoins 

Memecoins are back up! In the past 7 days, Dogecoin is up 102%, Shiba Inu is up 241%, Pepe is up 309% and Bonk is up 204%. This resurgence reflects an overall increase in interest in the crypto market and is significant because it comes before the Bitcoin halving, which historically represents the beginning of Altcoin season. 

👛Coinbase’s Newest Wallet Update

Coinbase is working on new wallet solutions, meant to address “the biggest barrier to growing onchain adoption”. The focus of the project is to tackle the barriers involved with the onboarding process. The solutions are meant to make the process “faster, easier, and safer” and are now available on testnet for developers.  

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: Chainalysis Crypto Crime Report 

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.